Thursday, June 24, 2021

Azmin to lead trade and investment mission to Saudi Arabia, UAE

KUALA LUMPUR (April 25): Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali will lead a trade and investment mission to Saudi Arabia and the United Arab Emirates (UAE) from tomorrow until May 4, 2021.

The mission is part of the Ministry of International Trade and Industry’s (MITI) continuous efforts to promote business opportunities and strategic partnerships between Malaysia and the West Asian region.

The mission is aimed at keeping the momentum of economic relations between Malaysia and both countries, following the official visit of Prime Minister Tan Sri Muhyiddin Yassin to Saudi Arabia and the UAE in March, MITI said in a statement today.

MITI said the mission is expected to reinforce the value proposition of Malaysia as the preferred investment destination and trading partner by boosting the confidence of the business communities in Saudi Arabia and the UAE.

“Both these countries are among the most important trading and investment partners in West Asia and Malaysia hopes to elevate this deeply rooted partnership to a more strategic level in the sphere of quality investments and diversified trade,” it said.

During the visit to Saudi Arabia, Mohamed Azmin will meet Minister of Commerce and chairman of the board of directors of The General Authority of Foreign Trade Dr Majid Abdullah Alkassabi and Minister of Industry and Mineral Resources Bandar I Al Khorayef.

In the UAE, Mohamed Azmin will be meeting Minister of Economy Abdulla bin Touq Al Marri and Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi.

Mohamed Azmin is also expected to meet other senior ministers of both countries.

The meetings will discuss key bilateral issues and collaboration in areas of mutual interest, including bilateral and regional economic cooperation, finance, and post-pandemic economic recovery measures.

“Mohamed Azmin will brief his counterparts in Saudi Arabia and the UAE on the newly minted National Investment Aspirations (NIAs), a forward-looking growth framework that will form the basis for comprehensive reforms of Malaysian investment policies.

“NIAs will be central to Malaysia’s new investment direction, offering various opportunities for investors from Saudi Arabia and the UAE,” said MITI.

Besides the official meetings, the senior minister will also be conducting one-to-one business meetings with prominent Saudi and Emirati companies, as well as potential investors, to further explore new business opportunities and collaboration in the oil and gas, healthcare, and retail industries.

Mohamed Azmin will also be witnessing the signing of a memorandum of business exploration between UEM Edgenta Bhd, a subsidiary of Khazanah Nasional Bhd, and ASMA Advanced Solutions LLC in Riyadh.

This memorandum signifies a strategic venture by a Malaysian company in the healthcare support services and integrated facility management market in Saudi Arabia.

In 2020, the kingdom was Malaysia’s second largest trading partner and largest source of import in the West Asia region.

Total trade between both countries was recorded at RM20.27 billion with Malaysia’s exports to Saudi Arabia amounting to RM4.13 billion and imports value at RM16.14 billion. Main investments from the kingdom include chemicals and chemical products, food manufacturing, electronics and electrical products, and textiles.

Meanwhile, the UAE is Malaysia’s largest trading partner and largest export destination in the West Asian region for 2020. Total trade between both countries stood at RM20.59 billion with total exports to the UAE amounting to RM8.49 billion, while imports were at RM12.1 billion.

The main sources of investments from the UAE were in the machinery and equipment sectors, halal pharmaceutical, and food manufacturing.

Mohamed Azmin will be accompanied by a small delegation of senior officials from MITI, the Malaysian Investment Development Authority and the Malaysia External Trade Development Corp.

The mission will be subjected to strict Covid-19 preventive standard operating procedures as agreed upon by Malaysia’s Ministry of Health and National Security Council, as well as by Saudi and UAE governments.

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